Federal Reserve Bank of New York
Basel liquidity standards due in December
The Basel Committee on Banking Supervision is set to unveil quantitative liquidity requirements for public consultation at its quarterly meeting in December, the co-chair of the committee's liquidity working group has told Risk News.
CMBS re-Remics could make Talf obsolete
A wave of downgrades to highly rated commercial mortgage-backed securities (CMBS) is threatening plans by the US Federal Reserve to rehabilitate the market for existing deals. But a recent trend towards restructuring the transactions could render the…
Trade set and match
The ultimate objective of regulators and participants in the derivatives business is to see submission and matching on the date of trade. How far is the industry from reaching this goal? By Ryan Davidson
Damage limitation
Efforts are under way to formalise the resolution process for collateral disputes, while other initiatives are planned to improve processes for posting collateral, valuation and margin practices. What are the challenges to meeting these targets? Ryan…
AIG warns of potential losses in CDS portfolio
AIG could be exposed to further losses on the super-senior credit default swap (CDS) portfolio held by its subsidiary AIG Financial Products (AIG FP) should credit markets continue to deteriorate, according to a filing the company made to the US…
NY Fed to push ahead with Talf for toxic MBS loans
The Federal Reserve Bank of New York is to push ahead with plans to open up the Term Asset-backed Securities Loan Facility (Talf) to purchasers of toxic commercial mortgage-backed securities (CMBS) and residential mortgage-backed securities (RMBS).
OMG commits to new clearing and reporting targets
The Operations Management Group (OMG) on June 2 outlined its latest targets to improve the operational infrastructure of the over-the-counter derivatives industry.
OTC trade repository plan faces hurdles
Financial authorities in the US and Europe have advocated the introduction of a central trade repository to gather data on the over-the-counter (OTC) derivatives market, but there is concern that multiple repositories could do more harm than good.
Time for Talf
Since its emergence in the 1970s, securitisation has provided a vital source of funding for the US economy. But with a large part of the market effectively closed since the second half of 2008, the government is pinning its hopes on the Term Asset-Backed…
New York Fed appoints Dudley chief executive
The Federal Reserve Bank of New York today named William Dudley as its president and chief executive.
CME awaits SEC approval for CDS clearing
The launch date for the Chicago Mercantile Exchange (CME) Group's credit default swap (CDS) clearing platform remains unclear, almost two weeks after it received the green light from two US financial regulators.
AIG terminates $46.1 billion of credit-default swaps (CDS)
AIG announced on Tuesday that an off balance sheet vehicle created by the Federal Reserve Bank of New York (FRBNY) has purchased $46.1 billion of its toxic collaterised debt obligations (CDOs).
CDS clearing house to miss November 30 deadline
The November 30 target for central clearing of index credit default swap (CDS) trades set by a consortium of industry associations and investment banks is unlikely to be met, sources within the Federal Reserve Bank of New York have said.
Paulson: buying MBSs no longer Tarp priority
Treasury secretary Hank Paulson closed the door to systematic US government purchases of illiquid mortgage-backed securities under its $700 billion Troubled Asset Relief Programme (Tarp), during a briefing in Washington, DC today.
Treasury and Fed help AIG lay-off CDO risk
AIG was shored up by a restructuring plan hammered out by the US Treasury and Federal Reserve Bank of New York today, which involved the creation of an off-balance-sheet vehicle to neutralise some of the insurer’s hefty collateralised debt obligation …
New York Fed hires Bear Stearns' ex-CRO
The Federal Reserve Bank of New York has hired Michael Alix, previously chief risk officer at Bear Stearns, as a senior vice-president in the bank supervision group.